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Brian Johnson here and the bears are still trying to recover some ground and did a pretty good job of it today. It’s just too bad that they really haven’t hurt the bull sin the bigger picture yet after a two week run to the upside. Still…..not a bad start to things but is this a new move to new lows or just a pullback?
I have to dash, but I'll do one super-quick post. I have 100 positions – all of them short, none of them big. I have 34 others that I was one mouse-click away from executing, but I decided to chill and wait for a potential pullback like the one shown below. Today's sell-off was great, and I wouldn't mind seeing a pullback to get better prices. If we continue tumbling, oh, well. But if we push higher, I'll simply be ready to get more aggressive.
The stocks below are showing signs of, or already in the process of, breaking down as the smart money appears to be leaving them in a subtle manner. There are stocks trading at its peak and finally showing some vulnerability, while on the other extreme, there are stocks that have been in a channel near or at their lows, before finally breaking down below those lows.
Here's my favorite of those listed below – Acorda Therapeutic (ACOR) – If it can break below $30, I think there will be an immediate push lower to the $27 to fill the gap made back in May, which would provide a very nice return on your investment.